Easy Trip Planners soars 20% as stock goes ex-split, ex-bonus

Shares of Easy Trip Planners surged 20 per cent  in Monday's trade, as the scrip turned ex-split and ex-bonus. The scrip went ex-split from face value of Rs 2 to Re 1 each. It also turned ex-bonus in the 3:1 ratio.

Following the development, the scrip soared 19.93 per cent to hit a high of Rs 57.15 on BSE. It was later traded at Rs 53 a piece, up 11.23 per cent. The stock hit an adjusted 52-week high of Rs 59.56 on May 24. In the last one month, it has traded largely in Rs 46.10-57.15 range.

Earlier on February 28, the same company went ex-bonus in 1:1 ratio.  In a November 14 note, Edelweiss Wealth said Easy Trip Planners reported better-than-expected revenue in September quarter, even as margins were below its estimates on higher advertising expenses.

The company reported a standalone net profit of Rs 30.63 crore for the Septemeber quarter compared with Rs 27.28 crore in the year-ago quarter. Revenue for the company rose to Rs 104.32 crore from Rs 43.68 crore in the year-ago quarter.

The management claims to have gained market share in Q2FY23, it noted while adding that the robust pickup in air travel in domestic and international markets bodes well for the company.

"Moreover, the company is focusing on expanding its non-air verticals from FY23. It strategically pursued inorganic growth by acquiring innovative companies across diverse travel segments and by evolving into a complete travel ecosystem. Management guides to achieve GBR of Rs 6,500–7,000 crore in FY23, and expects to continue its strong growth momentum in the coming years with consistent profitability," it said. 

Also Read: Five Star Business Finance lists at 5% discount to issue price, m-cap at Rs 13,110 crore

Also Read: Archean Chemical shares make decent debut, list at 10% premium to issue price